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S&P 500 Fundamental Analysis – week of September 12, 2016 – Forecast
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The S&P 500 tumbled on Friday to end the week down 2.39% as the greenback rallied on comments from Federal Reserve speakers. The index closed at
The S&P 500 tumbled on Friday to end the week down 2.39% as the greenback rallied on comments from Federal Reserve speakers. The index closed at 2127.81 taking its biggest fall in months. The S&P is a strong buy in the new week as the Fed goes into its blackout period.
The losses were broad-based, hitting industrials and energy shares especially hard, after Boston Fed President Eric Rosengren said in a speech that higher rates were needed to prevent the economy from overheating. A second Fed official, Governor Daniel Tarullo, signaled openness to a rate hike in 2016 in an interview with CNBC.
“Given the European Central Bank commentary yesterday as well as some Fed speakers today, it appears more likely that the Fed and the world is closer to lessening the amount of easy money,” said David Levy, portfolio manager at Republic Wealth Advisors. The Dow Jones Industrial Average fell nearly 394.46 points to 18,085.45. The broad-based S&P 500 shed 53.49 points (2.45 per cent) to 2,127.81, while the tech-rich Nasdaq Composite Index dropped 133.57 points (2.54 per cent) at 5,125.91.
US stocks have rallied to records in the last two months after plunging following the Jun 23 British vote to exit the European Union.
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This Week’s Economic Events That You Should Be Monitoring:
| Date | Country | Name | Volatility | Previous | Consensus |
| 9/13/2016 | GBP | Core Consumer Price Index | 3 | 1.3 | 1.4 |
| 9/13/2016 | GBP | Consumer Price Index (YoY) | 3 | 0.6 | 0.7 |
| 9/13/2016 | EUR | ECB President Draghi’s Speech | 3 | ||
| 9/13/2016 | EUR | ZEW Survey – Economic | 3 | 4.6 | 6.7 |
| 9/14/2016 | NZD | Gross Domestic Product (YoY) | 3 | 2.8 | |
| 9/15/2016 | AUD | Employment Change | 3 | 26.2 | 15 |
| 9/15/2016 | AUD | Unemployment Rate | 3 | 5.7 | 5.7 |
| 9/15/2016 | CHF | SNB Interest Rate Decision | 3 | -0.75 | -0.75 |
| 9/15/2016 | CHF | SNB press conference | 3 | ||
| 9/15/2016 | GBP | BoE Asset Purchase Facility | 3 | 435 | 435 |
| 9/15/2016 | GBP | BoE Interest Rate Decision | 3 | 0.25 | 0.25 |
| 9/15/2016 | GBP | Monetary Policy Summary | 3 | ||
| 9/15/2016 | GBP | BOE MPC Vote Cut | 3 | 9 | 0 |
| 9/15/2016 | GBP | BOE MPC Vote Unchanged | 3 | 0 | 9 |
| 9/15/2016 | GBP | BOE MPC Vote Hike | 3 | 0 | 0 |
| 9/15/2016 | GBP | Bank of England Minutes | 3 | ||
| 9/15/2016 | USD | Retail Sales (MoM) | 3 | 0 | 0 |
| 9/16/2016 | USD | Consumer Price Index (YoY) | 3 | 0.8 | 1 |
| 9/16/2016 | USD | Consumer Price Index ECORE | 3 | 2.2 | 2.2 |
| 9/16/2016 | USD | Michigan Consumer Sentiment | 3 | 89.8 | 91 |
Government Bond Auctions
Date Time Country Auction
Sep 12 11:30 Germany Eur 2bn Mar 2017 Bubill
Sep 12 13:00 Norway Details of bond auction on Sep 14
Sep 13 11:00 Netherlands Eur 2-3bn 0% Jan 2022 DSL
Sep 13 11:10 Italy Holds bond auction
Sep 14 11:05 Norway Holds bond auction
Sep 14 11:30 UK 0.125% 2046 I/L Gilt
Sep 14 11:30 Germany Eur 1bn 2.5% Jul 2044 Bund
Sep 15 10:30 Spain Holds bond auction
Sep 15 11:03 Sweden Holds I/L bond auction
Sep 15 11:50 France Holds bond auction
About the Author
Barry Normanauthor
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